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China / Economy

China Core Inflation

Core inflation for China excludes volatile food and energy prices from the consumer price basket, providing a cleaner measure of underlying price dynamics. The People's Bank of China places significant weight on this series when calibrating interest rate decisions.

View recent announcements Historical chart API docs

Latest: 1.1
Release date: 2026-06-10
Previous: 1.2
Change: -0.1
History starts: Updating

Why Core Inflation matters for CNY

Food and energy prices are subject to supply shocks that central banks cannot easily influence. Core inflation removes this noise and better reflects whether domestic demand and wage pressures are pushing prices sustainably higher.

How to interpret this series

Persistent core inflation above target gives the People's Bank of China justification to hold rates high or continue hiking, supporting the cny. Core inflation trending lower is the clearest signal that rate cuts may be approaching.

What this data measures

Core inflation strips the most volatile components — typically food and energy — from the headline CPI index to reveal the underlying trend. Different jurisdictions use slightly different core definitions (US Core PCE, eurozone HICP ex-energy and unprocessed food, RBA trimmed-mean, etc.) but the goal is the same: filter out noise.

How to read the release

Compare each currency's core print to its central bank's target (usually 2 percent). The gap and the direction of travel matter more than the absolute level. Cross-reference against the policy rate page to see who is comfortable cutting and who is stuck.

Historical Core Inflation

Source: NBS. Cadence: Monthly. Unit: %YoY. Coverage metadata updating.

Recent announcements

Latest release rows with direct links to the announcement detail pages.

Recent China Core Inflation announcement rows
Announcement date	Reference period	Actual	Previous	Forecast	Detail
2026-06-10	2026-05-31	1.1	1.2	1,188.19 FXMacroData Blended Forecast	Announcement page
2026-05-11	2026-04-30	1.2	1.1	1,363.10 FXMacroData Blended Forecast	Announcement page
2026-04-10	2026-03-31	1.1	1.8	1,306.22 FXMacroData Blended Forecast	Announcement page
2026-03-09	2026-02-28	1.8	0.8	-1,042.53 FXMacroData Blended Forecast	Announcement page
2026-02-11	2026-01-31	0.8	1.2	642.81 FXMacroData Blended Forecast	Announcement page
2026-01-09	2025-12-31	1.2	1.2	--	Announcement page
2025-12-10	2025-11-30	1.2	1.2	--	Announcement page
2025-11-09	2025-10-31	1.2	--	--	Announcement page

Announcement 2026-06-10

Reference: 2026-05-31
Actual: 1.1
Previous: 1.2
Forecast: 1,188.19 FXMacroData Blended Forecast

Open announcement

Announcement 2026-05-11

Reference: 2026-04-30
Actual: 1.2
Previous: 1.1
Forecast: 1,363.10 FXMacroData Blended Forecast

Open announcement

Announcement 2026-04-10

Reference: 2026-03-31
Actual: 1.1
Previous: 1.8
Forecast: 1,306.22 FXMacroData Blended Forecast

Open announcement

Announcement 2026-03-09

Reference: 2026-02-28
Actual: 1.8
Previous: 0.8
Forecast: -1,042.53 FXMacroData Blended Forecast

Open announcement

Announcement 2026-02-11

Reference: 2026-01-31
Actual: 0.8
Previous: 1.2
Forecast: 642.81 FXMacroData Blended Forecast

Open announcement

Announcement 2026-01-09

Reference: 2025-12-31
Actual: 1.2
Previous: 1.2
Forecast: --

Open announcement

Announcement 2025-12-10

Reference: 2025-11-30
Actual: 1.2
Previous: 1.2
Forecast: --

Open announcement

Announcement 2025-11-09

Reference: 2025-10-31
Actual: 1.2
Previous: --
Forecast: --

Open announcement

API quick start

Use the endpoint

The website page is unversioned. API consumers should use the versioned endpoint.

/api/v1/announcements/cny/core_inflation?api_key=YOUR_API_KEY

Path parameters

currency=cny · indicator=core_inflation

Query parameters

api_key, start_date, end_date, limit, offset

Response fields

announcement_id, date, val, previous_value, forecast, announcement_datetime

Source metadata

NBS

Upcoming releases

Core Inflation

2026-07-09

Core Inflation

2026-08-09

Core Inflation

2026-09-09

Core Inflation

2026-10-14

Core Inflation

2026-11-09

Core Inflation

2026-12-09

Forecast context

1,069.81

2026-07-09

China Core Inflation API docs

Developer reference, data provenance, response schema, and examples are kept on this same country indicator page so the public research page and API documentation do not compete with each other.

Endpoint coverage and contract

This page documents the exact request inputs, response fields, access model, and currently published history window for /api/v1/announcements/cny/core_inflation.

Coverage metadata updating

Production OpenAPI schema: https://fxmacrodata.com/api/openapi.json

Data source

NBS

Access and authentication

USD is free without a key. All other currencies require a Professional API key.

Public USD endpoint — anonymous callers receive the most recent 365 days. Add `?api_key=YOUR_API_KEY` to page through full stored USD history or to access any other currency. Date filters are applied before pagination. The default page size is 20 rows and the maximum is 100. Use either `page` or `offset`; when both are provided, `page` takes precedence. Broad windows should be traversed with `pagination.next_offset`, not split into custom shorter-window retries. If the selected series exists but a requested date window has no observations, the API returns a structured `NO_DATA_IN_REQUESTED_WINDOW` 404 with coverage dates, `recommended_start_date`, and `available_observation_count`. Forecasts are served separately by /v1/predictions/cny; join via `announcement_id`.

Data source and provenance

Macroeconomic announcement and catalogue rows are normalized from official central-bank, national statistics, treasury, or government publisher releases. Responses expose publisher metadata via source, source_url, and provenance fields where available.

Responses expose source, source_url, provenance, and data_quality fields for source citation, timestamp completeness, stale-data flags, and point-in-time safety checks.

Optional Indicator Availability (CNY)

Optional indicators use per-currency fetcher capability checks and may be temporarily hidden while source coverage is being remediated.

foreign_reserves

Available

cb_assets

Available

inflation_mom

Unavailable · Not implemented on this currency fetcher yet.

Path parameters

China Core Inflation API path parameters
Parameter	Required	Type	Description
`currency`	YES	`string`	3-letter currency code.
`indicator`	YES	`string`	Indicator slug. Use /v1/data_catalogue/{currency} to list available slugs per currency.

Query parameters

China Core Inflation API query parameters
Parameter	Required	Format	Description
`start_date`	NO	`string (YYYY-MM-DD)`	Earliest observation date to include. Date filters are applied before pagination. Authenticated requests page through full stored history when omitted; anonymous USD requests are limited to the most recent 365 days and 100 no-key requests/day.
`end_date`	NO	`string (YYYY-MM-DD)`	Latest observation date to include. Defaults to today.
`limit`	NO	`integer`	Maximum number of most-recent-first rows to return per page. Defaults to 20; maximum 100.
`page`	NO	`integer`	One-based page number. When supplied, page takes precedence over offset; page=2 with limit=20 is equivalent to offset=20.
`offset`	NO	`integer`	Zero-based row offset after date filtering. Use with pagination.next_offset to request the next page.
`api_key`	Pro (USD: no-key 100/day)	`string`	Professional API key. Required for non-USD currencies and for USD requests that need history older than 365 days.

Pagination behavior

Use start_date and end_date to narrow the series first, then page through the filtered result with limit plus either page or offset. The default page size is 20 rows and the maximum is 100. The response includes earliest_available_date, latest_available_date, and a pagination object with returned_count, total_count, has_more, next_offset, and page_includes_latest_available. If the selected series exists but the requested date window has no rows, the endpoint returns 404 with error_code=NO_DATA_IN_REQUESTED_WINDOW.

Response fields

China Core Inflation API response fields
Field	Type	Description
`currency`	`string`	3-letter currency code.
`indicator`	`string`	Indicator slug as requested.
`has_official_forecast`	`boolean`	True if the central bank publishes an official forecast for this indicator.
`start_date`	`string`	Earliest date in the filtered result set (YYYY-MM-DD).
`end_date`	`string`	Latest date in the filtered result set (YYYY-MM-DD).
`earliest_available_date`	`string \| null`	Earliest date available for this series before any date filter or pagination is applied.
`latest_available_date`	`string \| null`	Latest date available for this series before pagination is applied.
`requested_start_date`	`string`	Start date applied to the request after endpoint defaults are resolved.
`requested_end_date`	`string`	End date applied to the request after endpoint defaults are resolved.
`requested_window_has_data`	`boolean`	False when the endpoint returned the latest eligible observation before the requested window instead of an observation inside the requested date range.
`page_includes_latest_available`	`boolean`	True when the current page includes latest_available_date. False usually means the latest row is on a different page or the response is a historical page.
`pagination.limit`	`integer`	Page size used for this response.
`pagination.offset`	`integer`	Zero-based offset used for this response.
`pagination.returned_count`	`integer`	Number of rows included in data[].
`pagination.total_count`	`integer`	Total number of rows matching the path and date filters before pagination.
`pagination.has_more`	`boolean`	True when another page is available.
`pagination.next_offset`	`integer \| null`	Offset to use for the next page, or null when there are no more rows.
`pagination.page_includes_latest_available`	`boolean`	Mirrors page_includes_latest_available inside the pagination envelope for clients that keep pagination state together.
`cb_target`	`object \| null`	Central bank target metadata (e.g. inflation target range), if applicable.
`data[].date`	`string`	Observation date (YYYY-MM-DD).
`data[].announcement_id`	`string`	Stable announcement identifier in the form `{currency}_{indicator}_{date}` — use it to join predictions from /v1/predictions/{currency} and revision history.
`data[].val`	`number \| null`	Observed value in the indicator's native unit.
`data[].announcement_datetime`	`integer \| null`	Unix timestamp (UTC) of the official data release.
`data[].pct_change`	`number \| null`	Period-over-period percentage change.
`data[].pct_change_12m`	`number \| null`	12-month rolling percentage change.
`data_quality`	`object`	Standardized endpoint-level quality, source, freshness, and point-in-time safety metadata for the returned payload.
`data_quality.is_official`	`boolean`	True when the response is backed by an official source and is not proxy, fallback, derived, or prohibited-source data.
`data_quality.is_proxy`	`boolean`	True when the response is an explicit proxy for the requested concept rather than the primary official series.
`data_quality.is_fallback`	`boolean`	True when one or more returned rows are marked as fallback data.
`data_quality.is_stale`	`boolean`	True when the newest available observation is older than the endpoint's frequency-aware stale_after_days threshold.
`data_quality.has_announcement_datetime`	`boolean`	True when all rows in the quality scope carry the required announcement timestamp field or fields.
`data_quality.point_in_time_safe`	`boolean`	True when the result is not fallback/prohibited data and has complete release timestamps for point-in-time workflows.
`data_quality.latest_available_date`	`string \| null`	Freshest observation date available for the quality scope before pagination-specific caveats.
`data_quality.last_updated`	`string \| null`	Server-side refresh or update timestamp when the endpoint has one available.
`data_quality.data_lag_days`	`integer \| null`	Calendar-day lag between today and latest_available_date; null when the latest date is missing, invalid, or future-dated.
`data_quality.source_name`	`string \| null`	Human-readable source or publisher label used for the response.
`data_quality.source_type`	`official \| public \| fallback \| derived`	Normalized source classification shared across source-backed REST and MCP responses.
`data_quality.is_derived`	`boolean`	True when the endpoint output is calculated from underlying source rows, such as spreads, slopes, forward curves, forecasts, or sentiment composites.
`data_quality.row_count`	`integer`	Number of rows considered in the data-quality scope.
`data_quality.announcement_datetime_count`	`integer`	Number of rows in scope with complete required announcement timestamp fields.
`data_quality.missing_announcement_datetime_count`	`integer`	Number of rows in scope missing at least one required announcement timestamp field.
`data_quality.quality_scope`	`string`	Scope used to compute the quality object, such as full_result, latest, recent, or scheduled_releases.
`data_quality.stale_after_days`	`integer \| null`	Frequency-aware threshold used for is_stale; daily=7, weekly=21, monthly=62, quarterly=125, annual=550 by default.
`source`	`string`	Human-readable upstream publisher or source family for this response.
`source_url`	`string \| null`	Official publisher URL or source landing page when available.
`provenance`	`object`	Structured provenance metadata including publisher, storage layer, served_by, timestamp field, and value field.
`source_series_name`	`string \| null`	Publisher's source-series label when FXMacroData stores one.
`source_local_name`	`string \| null`	Local-language or publisher-native series name when available.
`provenance.publisher`	`string`	Official upstream publisher for the requested currency/indicator series.
`provenance.storage`	`string`	FXMacroData serving storage layer for the returned payload.

Example request and response

Example usage

To retrieve the first page of China Core Inflation data from 2023:

GET https://fxmacrodata.com/api/v1/announcements/cny/core_inflation?start_date=2023-01-01&end_date=2023-12-31&limit=20&page=1&api_key=YOUR_API_KEY

Python requests

import requests

url = "https://fxmacrodata.com/api/v1/announcements/cny/core_inflation"
params = {
    "start_date": "2023-01-01",
    "end_date": "2023-12-31",
    "limit": "20",
    "page": "1",
    "api_key": "YOUR_API_KEY",
}
response = requests.get(url, params=params, timeout=20)
response.raise_for_status()
payload = response.json()

print(payload.get("data", payload))

JSON response structure

{
  "currency": "CNY",
  "indicator": "core_inflation",
  "has_official_forecast": false,
  "requested_start_date": "2023-01-01",
  "requested_end_date": "2026-05-31",
  "requested_window_has_data": true,
  "page_includes_latest_available": true,
  "start_date": "2023-01-01",
  "end_date": "2026-05-31",
  "earliest_available_date": null,
  "latest_available_date": "2026-05-31",
  "pagination": {
    "limit": 20,
    "offset": 0,
    "returned_count": 1,
    "total_count": 1,
    "has_more": false,
    "next_offset": null,
    "page_includes_latest_available": true
  },
  "cb_target": null,
  "source": "NBS",
  "source_url": "",
  "source_series_name": null,
  "source_local_name": null,
  "provenance": {
    "publisher": "NBS",
    "publisher_url": null,
    "storage": "FXMacroData production dataset",
    "served_by": "FXMacroData API",
    "timestamp_field": "announcement_datetime",
    "value_field": "val"
  },
  "data_quality": {
    "is_official": true,
    "is_proxy": false,
    "is_fallback": false,
    "is_stale": false,
    "has_announcement_datetime": true,
    "point_in_time_safe": true,
    "latest_available_date": "2026-05-31",
    "last_updated": null,
    "data_lag_days": null,
    "source_name": "NBS",
    "source_type": "official",
    "is_derived": false,
    "row_count": 1,
    "announcement_datetime_count": 1,
    "missing_announcement_datetime_count": 0,
    "quality_scope": "full_result",
    "stale_after_days": null,
    "requested_window_has_data": true,
    "page_includes_latest_available": true
  },
  "data": [
    {
      "date": "2026-05-31",
      "announcement_id": "cny_core_inflation_2026-05-31",
      "val": 4.2,
      "announcement_datetime": 1722456000,
      "pct_change": null,
      "pct_change_12m": null
    }
  ]
}

Common questions

Editorial context for readers and AI agents using this page as a cited country indicator source.

Does the People's Bank of China use core or headline inflation to set rates?

Most central banks reference core or an equivalent 'underlying' measure as the primary policy guide, while also monitoring headline CPI for second-round effects.

Get CNY Core Inflation alerts

China Core Inflation

Why Core Inflation matters for CNY

How to interpret this series

What this data measures

How to read the release

Historical Core Inflation

Recent announcements

China Core Inflation API docs

Endpoint coverage and contract

Path parameters

Query parameters

Example usage

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Common questions